Yet another format. Under each fractal I will discuss what is relevant at that level.
In the title I will give the wave count and current outlook.
24/11 Prices have challenged the Weekly Bullish channel ML
This is the channel if we get a breakout and prices will work their way to the MLU, however prices must break the resistance at the ML. This is the most likely channel when adding M and D details.
With a break of the MLU the BEARISH CHANNEL IS NO LONGER VALID 24/11
This is the bearish channel where a failure to breakout into the bullish channel will be confirmed by a break of the ML.
Current MAP forks are as follows;
and its associated WL +-1 through 6 which show the orderly behaviour of markets.
and the M3 Target range based on WL's, where a break of WL-4 is warning and WL-5 is confirmation of M3. If prices break above WL-3 then the warning and confirmation move up 1 WL. 24/11 WL-3 was tested and Fridays close was above so expect this to be support as previously stated
24/11 Prices worked their way through the MLU, indication subwave formation
Prices have hit at the MLU. There is still upside potential for D1, however only marginal and this will be discussed under the Daily fractal wave scale, but on the weekly this is possible as W4 overshot the ML and so we can expect an equal and opposite overreaction - just we don't know when. This is however most likely to occur at the end of this wave than in D1.
The SP of this fork gives us a further indication of the limits of M3 as shown below.
24/11 Prices worked their way through W234MLU indicating subwave formation.
Prices have yet to make the MLU, and this is possible if the d count is wrong, but the upside is hence limited should that be the case giving a 2070ish D1. This is the reason for the neutral outlook, low 30 point upside potential and 90 point downside.
Prices are yet to challenge this forks MLU and is the most likely turning point now as waves on smaller fractals are closing. Below we can upperside target 2080 to 2085 this week.
I just want to show you what a gap is - simply an area where prices move rapidly between support and resistance. 24/11 If you compare the above and below you can see how gaps start to fill and new waves are formed!
Resistance and support
Firstly support is any line below prices and resistance one above. In addition to the SR (support resistance) given in the weekly information above. The green and red SR lines are derived purely from weekly wave shape. If the first level hold then there is a possibility of another high at either resistance level. If the lower support is broken then D1 is in based only on weekly data.
D1 Trend Channel
24/11 The first channel is no longer valid due to a break of the MLL
To allow for the possibility of a further high to D1 prices must stay above the D1 channel MLL which means a gap up to 2050.
D trend channel
24/11 The current Bullish D Trend Channel
24/11 The below D trend channel is no longer valid.
This is the current daily trend channel for daily pivots. It shows an intersection with the D1 channel of just under 2060. With a low at the first level of support this would make the high on the first level of resistance and then no later than next week D1 will be confirmed on the weekly interval.
24/11 And is replaced by the current bearish trend channel
24/11 Wave d5 has subdivided and we are in wave c5, which too has subdivided, and we are in wave m5. We need to wait for further subdivision, however the most likely target is shown below in the mid to high 2080's
24/11 Due to the subdivision of wave d5, and then agan of wave c5 we have had the sideways consolidation and higher prices than the original projection, where on the weekly interval we had a valid wave formation.
Low will be in before christmas in the mid 1950 as shown for both if current high holds - D2 lower and earlier) and if one more high - D2 following week and slightly higher!